The Bank for International Settlements (BIS) has been involved with the mBridge cross border CBDC payment system for four years. Today the General Manager of the BIS, Agustín Carstens, said the project has been handed over to the central banks. They are the central banks of China, Hong Kong, Saudi Arabia, Thailand and the UAE.
mBridge uses blockchain to enable commercial banks to make cross border payments using wholesale central bank digital currencies (wCBDCs). The design supports local currency payments. The G20 has goals of making cross border payments faster, cheaper and more transparent. mBridge is one of the potential solutions to make that happen.
China was responsible for the technology working group and recently shared plans to open source the blockchain-based software.
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